Bursa Malaysia Gains In Early Trade On Improved Risk Appetite
KUALA LUMPUR, June 12 (Bernama) -- Bursa Malaysia opened higher on Friday, taking cues from Wall Street, which staged a sharp rally led by technology stocks after United States (US) President Donald Trump made positive remarks regarding the prospects for a deal in West Asia.
At 9.08 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.74 points to 1,685.27 from Thursday's close of 1,679.53.
The key index opened 5.34 points stronger at 1,684.87.
Market breadth was positive, with gainers leading losers 292 to 112. A total of 246 counters were unchanged, 2,053 untraded and 33 suspended.
Turnover stood at 186.53 million shares worth RM110.24 million.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said Wall Street staged a sharp rally boosted by technology stocks after Trump called off the scheduled strikes on Iran and said that a resolution would be signed within the next few days.
“As a result, crude oil prices dipped, with Brent crude now at US$90 per barrel while the US 10-year yield eased to 4.459 per cent.
“Mounting fears in the West Asia coupled with the unwinding of an AI-related bubble had traders maintaining their risk-off mode,” he said.
Thong also said that the firm had noticed foreign funds had been net sellers over the past few days and remained under pressure.
“Nonetheless, we remain adamant that the local bourse is still well supported at prevailing levels. Buoyed by the sharp recovery on Wall Street, we anticipate the index to trend between the 1,675-1,695 range today,” he added.
Among heavyweights, Maybank and Public Bank were four sen higher at RM10.70 and RM4.82, respectively, Tenaga Nasional was 14 sen better at RM14.44, CIMB Group also advanced four sen to RM7.34, while IHH Healthcare was three sen lower at RM8.70.
Among active stocks, VS Industry was flat at 20 sen, Velesto lost half a sen at 29.5 sen, Destini’s warrant was flat at 5.5 sen, AirAsia X was three sen better at RM1.17, while GIIB and Tance were both unchanged at 48.5 sen and 20 sen, respectively.
Among top gainers, Petronas Dagangan was 42 sen better at RM18.14, Fraser and Neave added 30 sen to RM26.10, Khind was 13 sen higher at RM1.46 and Hong Leong Industries rose 10 sen to RM18.20.
Among top losers, Kuala Lumpur Kepong fell 16 sen to RM20.78, Bursa Malaysia and Petronas Chemicals eased six sen at RM8.68 and RM5.74 respectively.
On the index board, the FBM Emas Index gained 42.24 points to 12,495.84, while the FBM Top 100 Index added 39.90 points to 12,338.33 and the FBM Emas Shariah Index edged up 32.88 points to 12,476.62.
The FBM Mid 70 Index went up 48.84 points to 17,961.25, while the FBM ACE Index accumulated 36.49 points to 4,708.25.
By sector, the Financial Services Index gained 71.27 points to 19,574.94, the Industrial Products and Services Index shed 0.05 of-a-point to 198.43, and the Energy Index declined 4.26 points to 780.60, while the Plantation Index slipped 14.37 points to 8,791.46.
-- BERNAMA